GlobalFoundries (NASDAQ:GFS) Has A Pretty Healthy Balance Sheet
GlobalFoundries (NASDAQ:GFS) Has A Pretty Healthy Balance Sheet
David Iben put it well when he said, 'Volatility is not a risk we care about. What we care about is avoiding the permanent loss of capital.' So it seems the smart money knows that debt - which is usually involved in bankruptcies - is a very important factor, when you assess how risky a company is. Importantly, GlobalFoundries Inc. (NASDAQ:GFS) does carry debt. But the more important question is: how much risk is that debt creating?
正如David Iben所說,'波動性不是我們所關心的風險。我們所關心的是避免永久性的資本損失。'所以似乎聰明的錢知道,債務——通常與破產有關——是評估一家公司風險程度時非常重要的因素。重要的是,GlobalFoundries Inc. (納斯達克:GFS)確實有債務。但更重要的問題是:這筆債務產生了多大風險?
When Is Debt A Problem?
什麼時候負債才是一個問題?
Debt is a tool to help businesses grow, but if a business is incapable of paying off its lenders, then it exists at their mercy. Part and parcel of capitalism is the process of 'creative destruction' where failed businesses are mercilessly liquidated by their bankers. However, a more common (but still painful) scenario is that it has to raise new equity capital at a low price, thus permanently diluting shareholders. Of course, debt can be an important tool in businesses, particularly capital heavy businesses. The first thing to do when considering how much debt a business uses is to look at its cash and debt together.
債務是幫助企業增長的工具,但如果企業無力償還貸款,則存在於貸款人的控制下。資本主義的一個關鍵環節是「創造性破壞」,即銀行家無情地清算失敗的企業。然而,更常見(但仍然痛苦)的情況是,企業必須以較低的價格籌集新的股權資本,從而永久性地稀釋股東的權益。當然,在企業中,債務可以是一種重要的工具,尤其是對於有資本需求的企業。考慮企業使用多少債務時,首先要做的就是將其現金和債務結合在一起。
What Is GlobalFoundries's Debt?
GlobalFoundries的債務是什麼?
As you can see below, GlobalFoundries had US$2.22b of debt at June 2024, down from US$2.43b a year prior. But on the other hand it also has US$3.37b in cash, leading to a US$1.15b net cash position.
如下所示,GlobalFoundries在2024年6月有22.2億美元的債務,與一年前的24.3億美元相比有所下降。但另一方面,它也有33.7億美元的現金,形成了11.5億美元的淨現金頭寸。
![big](https://newsfile.futunn.com/public/NN-PersistNewsContentImage/7781/20240904/0-c7abb3b9d1c2181919f3205e87a8c987-0-9506e048bcd62e5b3de10d1fdb74dd33.png/big)
How Strong Is GlobalFoundries' Balance Sheet?
全球芯片代工廠的資產負債表如何?
Zooming in on the latest balance sheet data, we can see that GlobalFoundries had liabilities of US$2.83b due within 12 months and liabilities of US$3.79b due beyond that. On the other hand, it had cash of US$3.37b and US$1.11b worth of receivables due within a year. So its liabilities total US$2.15b more than the combination of its cash and short-term receivables.
Zoom進一步查看最新的資產負債表數據,我們可以看到,GlobalFoundries在12個月內有283億美元的短期負債,超過12個月有379億美元的長期負債。另一方面,它擁有337億美元的現金和111億美元的一年內到期應收賬款。因此,其負債總額比其現金和短期應收賬款之和多215億美元。
Given GlobalFoundries has a humongous market capitalization of US$25.8b, it's hard to believe these liabilities pose much threat. But there are sufficient liabilities that we would certainly recommend shareholders continue to monitor the balance sheet, going forward. Despite its noteworthy liabilities, GlobalFoundries boasts net cash, so it's fair to say it does not have a heavy debt load!
考慮到GlobalFoundries擁有258億美元的龐大市值,很難相信這些負債構成了很大的威脅。但是,存在足夠的負債,我們肯定建議股東繼續關注資產負債表的情況。儘管其負債值得關注,GlobalFoundries擁有淨現金,因此可以說其負債負擔不重!
It is just as well that GlobalFoundries's load is not too heavy, because its EBIT was down 31% over the last year. When it comes to paying off debt, falling earnings are no more useful than sugary sodas are for your health. There's no doubt that we learn most about debt from the balance sheet. But ultimately the future profitability of the business will decide if GlobalFoundries can strengthen its balance sheet over time. So if you're focused on the future you can check out this free report showing analyst profit forecasts.
GlobalFoundries的負債並不太重要,因爲其EBIT在過去一年下降了31%。當涉及償還債務時,下降的盈利與含糖飲料對健康一樣無益。毫無疑問,我們從資產負債表中了解到最多關於債務的信息。但最終業務的未來盈利能力將決定GlobalFoundries是否能夠隨着時間的推移加強其資產負債表。因此,如果您關注未來,可以查看這份免費的分析師盈利預測報告。
Finally, a business needs free cash flow to pay off debt; accounting profits just don't cut it. GlobalFoundries may have net cash on the balance sheet, but it is still interesting to look at how well the business converts its earnings before interest and tax (EBIT) to free cash flow, because that will influence both its need for, and its capacity to manage debt. Over the most recent three years, GlobalFoundries recorded free cash flow worth 57% of its EBIT, which is around normal, given free cash flow excludes interest and tax. This free cash flow puts the company in a good position to pay down debt, when appropriate.
最後,企業需要自由現金流來償還債務;僅依靠會計利潤是不夠的。GlobalFoundries在資產負債表上可能有淨現金,但看看企業將其利潤(EBIT)轉化爲自由現金流的能力,這是很有意義的,因爲這將影響到其對債務的需求和管理能力。在過去的三年中,GlobalFoundries的自由現金流相當於其EBIT的57%,這是正常水平,因爲自由現金流不包括利息和稅收。這份自由現金流使公司能夠在適當時償還債務。
Summing Up
總之
While it is always sensible to look at a company's total liabilities, it is very reassuring that GlobalFoundries has US$1.15b in net cash. So we don't have any problem with GlobalFoundries's use of debt. The balance sheet is clearly the area to focus on when you are analysing debt. However, not all investment risk resides within the balance sheet - far from it. We've identified 1 warning sign with GlobalFoundries , and understanding them should be part of your investment process.
儘管查看公司的總負債是明智的,但高速集成公司擁有11.5億美元的淨現金令人放心。所以對於高速集成公司使用債務,我們並沒有任何問題。資產負債表顯然是分析債務時需要關注的領域。然而,並不是所有的投資風險都存在於資產負債表中 - 遠非如此。我們已經發現了高速集成公司的一個警示信號,並且了解它們應該成爲您投資過程的一部分。
When all is said and done, sometimes its easier to focus on companies that don't even need debt. Readers can access a list of growth stocks with zero net debt 100% free, right now.
說到底,有時候更容易集中精力關注根本不需要債務的公司。讀者可以免費訪問零淨債務增長股票列表。
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